Running financial reports can be daunting even for traditional businesses. As a growing nonprofit organization evolves, the process becomes even more complex. With such a unique set of financial requirements, nonprofit organizations need simplified accounting processes for grant management, budget forecasting, and expense reporting. Unfortunately, the “doing more with less” resilience for which nonprofits are
Among the many nuances separating nonprofits from their for-profit counterparts, perhaps none are more obvious or differentiating than the criteria by which nonprofits account for their money. It’s called fund accounting and, for nonprofits, it’s about transparency and compliance. Most accounting professionals monitor revenue and expenses to maximize their organization’s profits, but as a nonprofit
With limited resources, most nonprofit financial management teams are stretched thin. Every month-end, quarter-end, and year-end, the team is under enormous pressure to complete financial reporting while still keeping up with a myriad of other tasks. Technology should reduce this burden, but sometimes, it feels like you have to fight the accounting system to get
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